During this shortened trading week, investors saw a slew of earnings activity, as big names like Google, IBM, General Electric, Bank of America, Coca-Cola, Johnson & Johnson, and many more reported their first quarter earnings for 2014. Though it's been mixed, with Google and IBM turning in disappointing reports, while Coca-Cola and Johnson & Johnson bolstered investor confidence with solid reports, the markets were mostly up in this trading week. In addition to earnings reports, investors were also paying attention to positive growth figures coming out of China, and more accommodative reassurance from Fed Chair Janet Yellen, which helped to move markets higher in Wednesday's trading. Thursday morning markets did not quite have the positive momentum seen earlier in the week, and were mostly unchanged, as investors digested some negative earnings reported after the bell on Wednesday. After last week's market losses, investors were greeted with even more positive macro news, as Initial Jobless Claims came in below expectations at 304,000. In bond news, 10-Year Treasury yields were unchanged as of Wednesday's close, after taking a slight dip during Tuesday's session. Below, we look at all of Moody's municipal bond upgrades and downgrades from the past week.

Upgrades

• Escambia County Health Facilities Authority, FL: Moody's upgraded this organization to A3 from Baa1. The upgrade to A3 follows Baptist's ability to generate improved profitability over a multi year period, grow unrestricted cash and investments, and strengthen an already leading market position in its primary service area.
• Town of Lumberland, NY: Moody's upgraded this town to A1 from A2. The upgrade reflects the town's healthy financial profile and positive multi-year financial trends. The low unfunded pension liability also contributed to the upgrade. Other key considerations include the town's limited tax base, average wealth levels and manageable debt burden.
• Hillsborough County School District, FL: Moody's upgraded this school district to A2 from A3. The A2 rating and upgrade are based on evidence of the sustained improvement in sales tax receipts and the adequate debt service coverage, as well as excess sales tax collections retained as a separate reserve.
• Thomas Corners Fire District 7, NY: Moody's upgraded this fire district to A2 from A3. The A2 rating reflects the district's limited tax base with some taxpayer concentration, stable financial position with increasing reserves and a low debt burden.
• Borough of Ocean Gate, NJ: Moody's upgraded this borough to A2 from Baa1. The A2 rating reflects: the borough's satisfactory reserve levels, supported by several consecutive years of operating surpluses; limited, coastal tax base with wealth levels below the state average; and manageable debt burden.

Downgrades

• Texas Southern University: Moody's downgraded this university to Baa2 from Baa1. The rating downgrade reflects the university's precipitous enrollment decline in fall 2013 coupled with multiple years of deficit operations and weakening liquidity.
• Pojoaque Valley Independent School District 1, NM: Moody's downgraded this school district to A2 from A1. The downgrade to A2 is indicative of the district's weakened financial position as demonstrated through recent operating deficits and decreased fund balance. The rating incorporates the district's future increasing fixed costs with salary increases and an elevated pension burden. The rating also reflects the district's small tax base and a modest debt profile and rapid payout.
• Pleasant Dale Park District, IL: Moody's downgraded this district to A3 from A2. The A3 rating primarily reflects the district's historically weak management practices, a very narrow liquidity position, and the recent sale of a poorly performing fitness center that will restructure operations and provide operating funds with a one-time infusion of cash.
• Painesville City Local School District, OH: Moody's downgraded this school district to A2 from A1. The A2 reflects the district's elevated debt burden and exposure to underfunded cost-sharing retirement systems, as well as the district's modestly-sized tax base that has suffered significant depreciation over the last seven years.
• Vermont Educational and Health Buildings Finance Agency: Moody's downgraded this agency to Ba1 from Baa2. The downgrade to Ba1 reflects continued substantial declines in JD enrollment given reduced national demand, expectations for lower net tuition revenue that will pressure cashflow and debt service coverage, and modest projected headroom on a financial covenant that may require an extraordinary release of net assets to remain compliant in the near term.
• Fowlerville Community Schools, MI: Moody's downgraded this organization to A2 from A1. The A2 primarily reflects the district's narrow reserve position, as well as a very high debt burden that has continued to increase in recent years due to tax base depreciation and annual borrowing from the Michigan School Bond Loan Fund.